DOW: UP 2.5%
NAS: UP 2.97%
SP: UP 2.95%
With all of the negative sentiment out there, its hardly a surprise the way the market rallied.
I think an Iron Condor trade (on the weekly SPY) is in order:
Trade: Write Iron Condor
Time until expiration: 2 days
SELL: 111 CALL
BUY: 112 CALL
SELL: 107 PUT
BUY: 106 PUT
PREMIUM: ~ $0.21 if you can hit the MID!!!
RETURN IS 27% (BASED ON A $210 PREMIUM WITH $790 IN CAPITAL AT RISK) BASED ON 10 CONTRACTS TRADED.
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